System and method for implementing push technology in a wireless financial transaction

ABSTRACT

A method for executing a trade is provided that includes communicating financial information to a handheld device via a network, the financial information being associated with a trade that can be initiated by the handheld device. The handheld device is connected to the network via a Push to Trade™ protocol. The method also includes executing the trade on behalf of the end user.

TECHNICAL FIELD

The present invention relates generally to the field of communicationsand, more particularly, to a system and a method for implementing pushtechnology in a wireless financial transaction.

BACKGROUND

Financial markets generally afford the opportunity for investors topurchase an asset in order to achieve some degree of profitability.Investment vehicles such as stocks, derivatives, trusts, mutual funds,pension funds, money markets, and bonds represent example investmentinstruments that offer investors a choice for allocating capital. Inmany (but certainly not in all) trading environments, trades take placein a trading pit where a face-to-face encounter occurs. This is wherebuyers and sellers physically converge on the specialist who matchesbuyers with sellers. However, electronic communications (via computers)play a big part in the trading process. All trades are “auctions.” Thereis no set price, although the last trade is often considered to be the“price” of a stock. In reality, the price is the highest amount anybuyer is willing to pay at any given moment. When demand for a certainstock is high, the various buyers bid the price higher to induce sellersto sell. When demand for a stock is low, sellers must sell at lowerprices to attract buyers and the price drops.

Once a trader is duly authorized in any given system, traders can thenbegin feeding trade requests to the trading pit such that their proposedtransactions can be secured. In most scenarios, traders are simplyaccommodating the needs of their clients or customers who are seeking topurchase or to sell a given commodity. Note that the trader's actual“trading desk” can be quite comprehensive, as well as restricting andcumbersome. Traders are normally equipped with a number of phone lines,as well as a number of data feeds that allow the given trader to beaware of market prices, market actively, and news that may affect themarkets. Similarly, even a simple computing system for placing tradescan be cumbersome and burdensome. In addition, a given end user seekingto place a trade must tolerate lethargic trading systems and delayedinformation exchanges. Trading information is exceptionally timesensitive, as real-time data represents a powerful tool for anysuccessful trader. In addition, such data feeds need to effectivelytransport corresponding market data: maintaining the integrity of theinformation as it propagates across the network.

Potentially millions of dollars lie in the delicate balance, as even thesmallest computational error or even the most minor data corruptioncould spell financial disaster for the associated trader. Hence theability to offer a convenient and an effective platform for executingoptimal trading presents a significant obstacle for system designers,network architectures, and component manufacturers.

SUMMARY

Due to a variety of factors, Internet-based electronic financial systemsmay have a number of undesirable aspects. For example, the Internetlacks the security necessary to ensure confidence that operation of anelectronic financial system will proceed without the possibility oftampering or corruption. An operator of an Internet financial system isvulnerable to hacking, viruses, fraud, and other shortcomings associatedwith conducting business over the Internet. Users of Internet-basedsystems often lack confidence that their financial transactions aresecure, that they will be properly authenticated, and that their privacywill remain intact.

In one embodiment, an apparatus for executing a wireless trade isprovided that includes a handheld device operable to communicate with afinancial service provider element via a network. The handheld device isoperable to send and to receive financial information to and from thefinancial service provider element, the financial information beingassociated with a trade that is initiated by the handheld device. Thehandheld device is connected to the financial service provider elementvia a Push to Trade™ protocol before executing the trade.

In a more particular embodiment of the present invention, a method isprovided that includes authorizing the handheld device for a tradebefore executing the trade. Authorization of a given end user may beachieved via any suitable element (e.g. a voice recognition module, aphone ID, a system ID, an application ID, a tradedesk verificationmechanism, a user ID, a picture ID, a biometric parameter, etc.) and beaccorded various levels of security. Hence, an identity verificationcomponent may be used to ensure secure trading for an end user. Inaddition, a logging component may also be provided to record timestamps, voice logs, and data logs (e.g. in the context of instant ordirect messaging) for audit purposes. This offers a valuable tool forany regulatory agency, trader, or financial provider that seeks toreview previous trading activity.

Various embodiments of the present invention may benefit from numerousadvantages. It should be noted that one or more embodiments may benefitfrom some, none, or all of the advantages discussed below. One advantageassociated with the proffered architecture is that is exceptionallyfast. Many service providers offer the capability to direct connect to agiven location. Hence, once an end user decides to execute a trade, theend user can be instantly connected to a trading desk, which can readilyexecute a requested trade. The trading desk may be dedicated andequipped such that it can act instantly on an end user request. Thisallows the user to effectively act on real-time news in order to adjusthis current financial positions.

The present invention also enables remote, wireless, and mobilefinancial transactions over a secure network. The architecture furtherachieves remote, wireless, and mobile capabilities while preventingaccess to unauthorized users, providing a secure connection andpreventing the execution of financial transactions from unauthorizedlocations. The system also includes a number of financial communicationdevices for a group of end users: the devices being connected to acommunication network, whereby a portion of the communication network ismobile. This provides greater flexibility to the traders, as they areafforded the opportunity to execute their transactions in any number ofacceptable environments.

Still another technical advantage of the present invention relates tothe combination of a secure and a private wireless network that is usedto determine the identity of traders. This in turn allows thearchitecture to determine whether trading is permitted from the specifichandheld device. The system can preserve the audit trail of all voicelogs and keystrokes/text (in the case of instant or direct messaging)for all participants.

Certain embodiments of the present invention may enjoy some, all, ornone of these advantages. Other technical advantages may be readilyapparent to one skilled in the art from the following figures,description, and claims.

BRIEF DESCRIPTION OF THE DRAWINGS

For a more complete understanding of the present invention and forfurther features and advantages, reference is now made to the followingdescription, taken in conjunction with the accompanying drawings, inwhich:

FIG. 1A is a simplified block diagram that illustrates a conveniencefinancial system according to an embodiment of the present invention;

FIG. 1B is a simplified block diagram that illustrates a component thatmay be included within the system of FIG. 1A;

FIG. 2 is a simplified block diagram that illustrates a conveniencefinancial system with a wireless network according to an embodiment ofthe present invention;

FIG. 3 is a block diagram of a convenience financial system illustratingvarious financial activities in accordance with an embodiment of thepresent invention;

FIG. 4 is a simplified block diagram that illustrates a conveniencefinancial system showing example coverage areas in accordance with anembodiment of the present invention;

FIG. 5 is a simplified block diagram that illustrates an exampleoperational embodiment of the convenience financial system;

FIG. 6 is a simplified flowchart depicting example steps in aconvenience financial method according to an embodiment of the presentinvention;

FIG. 7 is a simplified block diagram that depicts a conveniencefinancial system showing an example communication path in accordancewith an embodiment of the present invention; and

FIG. 8 is a simplified block diagram that illustrates a ship-basedconvenience financial system in accordance with another exampleembodiment of the present invention.

DETAILED DESCRIPTION OF EXAMPLE EMBODIMENTS

FIG. 1A is a simplified block diagram of a convenience financial system10 that offers an opportunity for mobile traders to engage in anyfinancial market environment using a “Push to Trade™” protocol.Financial system 10 comprises multiple end users 12 who may be using anysuitable device such as a handheld device 11, which is illustrated inFIG. 1. FIG. 1 may also include a communications network 18, anadministrator module 22, a financial service provider element 26, and afinancial market data element 30. The handheld device may include a userinterface that may include a number of elements that offer connectivityfor one or more end users 12 to other elements within financial system10.

In accordance with the teachings of the present invention, financialsystem 10 provides a convenience financial system that implements a“Push to Trade™” protocol, which enables participants to engage infinancial activities from remote and/or mobile locations. The presentinvention also provides a trading environment in which certain areas aredesignated as appropriate trading sites, whereas other sites areprohibited from being used for trading purposes. The possible financialactivities include trading, such as that which is offered by any numberof financial markets. Trading activities may include any suitablefinancial transactions including, but not limited to, trading securities(both long and short positions), trading futures, trading bonds, tradingcommodities, trading in money markets, or trading in any otherappropriate asset class. Trading may be placed in any suitable financialmarket, such as the FTSE, the German DAX, the French CAC, the NASDAQ,the American Exchange (AMEX), the New York Stock Exchange, the Nikkei,the bond or treasury markets, and the Hang Seng Index, for example.Other financial markets could readily be accommodated by financialsystem 10.

The architecture of financial system 10 offers the combination of asecure and a private wireless network that is used to determine theidentity of traders before executing a trade. This in turn allows thearchitecture to determine whether trading can be executed from a givenhandheld device 11. The architecture also offers ubiquitous connectivityfor an end user by leveraging the Push to Talk™ paradigm. One benefitassociated with financial system 10 relates to its speed, as it isconducive to instant trading scenarios. Currently, service providersoffer the capability to direct connect to a given target in a matter ofseconds. Hence, using financial system 10 an end user can be instantlyconnected to a trading desk that can readily execute a requested trade.This enhanced, speed feature could allow the user to effectively act onreal-time news in order to adjust his current financial positions.

Consider an example where end user 12 is perusing the financial marketsand realizes that the price of gold is plummeting. Note that anysuitable market data, as well as bond and treasury information, may beprovided to end user 12 in real-time such that optimal trading isachieved for any individual. End user 12 may then simply retrieve hishandheld device 11 and activate it (if it is currently not ON). Atactivation, the Push to Trade™ feature is enabled and one or moreapplications may be automatically executed or downloaded. In addition, aseries of over-the-air applications may be executed, as end user 12 isput in direct contact with financial service provider element 26.

In this example, end user 12 maintains a number of financial positionsin gold. Hence, it would behoove end user 12 to quickly exit theseinvestments in light of the sudden collapse in gold prices. End user 12can use his handheld device 11 to be provided a direct connect to hisbroker (or to an electronic broker), where his desired trading activitycan be accommodated. An authentication may take place to ensure that enduser 12 is who he claims to be. This could involve a simple passwordexchange, a voice recognition protocol, or any other biometric orsecurity provision. Additional details relating to the operations offinancial system 10 are provided below with reference to FIGS. 1B-8.

The system may execute suitable trading from virtually any location thatis accessible by a mobile telephone. In other embodiments of the presentinvention, designated trade areas may be used to permit trading. Thesetwo concepts may be combined or exist independent of each other.Convenience financial system 10 may be implemented over communicationsnetwork 18 that could be a cellular network or a private wireless and/orwireline network. Examples of the latter include WiFi and WiMaxnetworks. In one embodiment, the convenience financial system operationuses the Internet, such that information for which there are no securityissues present is transmitted via the Internet, whereby information maybe suitably encrypted where appropriate. Preferably, the communicationsnetwork enables traders to participate in financial activities fromremote locations (e.g., outside of the designated financial area of awork domain or a marketplace). Also, the system may enable traders to bemobile during participation in their financial activities. Preferably,the system has an end user verification or determination feature, whichis operable to permit or to prohibit financial activities from handhelddevice 11.

In operation, end users 12 preferably access system 10 by way ofhandheld device 11 (e.g. any suitable device for transmitting andreceiving electronic communications such as mobile phones, personal dataassistants (PDAs), computers, mini-computers, etc.). Authorization of agiven end user may be achieved via any suitable element (e.g. voicerecognition, a phone ID, a system ID, an application ID, a tradedeskverification mechanism, a user ID, a picture ID, a biometric parameter,etc.) and be accorded various levels of security. In this examplescenario, end user 12 communicates his ID and the application ID inorder to achieve appropriate authorization. Financial communicationdevices transmit and receive financial information to and fromcommunications network 18. The financial information may be related toany aspect of the requested trade, or to end user 12, or to market data,or to any other germane financial data that end user 12 seeks toreceive. Financial information may be transmitted between communicationsnetwork 18 and a computer, which may reside within (or included in thedomain of) financial service provider element 26 or provided externalthereto. The location of the computer is not critical, however, and thecomputer may reside adjacent to or be remote from the domain offinancial service provider element 26. The financial service providermay be an actual controller of trading, such as eSpeed, Inc. As anexample, a financial service provider may be located on the grounds of abuilding in New York, N.Y.

In one example embodiment, software resides on both handheld device 11being operated by end user 12 and on financial service provider element26. Software resident on handheld device 11 is preferably operable topresent information corresponding to financial activities to the enduser. The information includes, without limitation, graphicalrepresentations of objects associated with the trading activities, andpresentation of options related to the trading activities selected bythe end user. The financial communication device software is alsopreferably operable to receive data from the computer and data input bythe user. Software resident on the computer is preferably able toexchange data with the financial communication device, access additionalcomputers and data storage devices, and perform all of the functionsdescribed herein as well as functions common to known electronicfinancial systems.

Financial information transmitted across communications network 18 mayinclude any information, in any format, which is necessary or desirablein the operation of the financial experience in which the userparticipates. The information may be transmitted in whole, or incombination, in any format including digital or analog, text or voice,and according to any known or future transport technologies, which mayinclude, for example, wireline or wireless technologies. Wirelesstechnologies may include, for example, licensed or license-exempttechnologies. Some specific technologies which may be used include,without limitation, Code Division Multiple Access (CDMA), Global Systemfor Mobile Communication (GSM), General Packet Radio Service (GPRS),WiFi (802.11x), WiMax (802.16x), Public Switched Telephone Network(PSTN), Digital Subscriber Line (DSL), Integrated Services DigitalNetwork (ISDN), or cable modem technologies. These are examples only andone of ordinary skill will understand that other types of communicationtechniques are within the scope of the present invention. Further, itwill be understood that additional components may be used in thecommunication of information between the users and the financial server.Such additional components may include, without limitation, lines,trunks, antennas, switches, cables, transmitters, receivers, computers,routers, servers, fiber optical transmission equipment, repeaters,amplifiers, etc.

In at least one embodiment, the communication of financial informationtakes place without involvement of the Internet. This has an advantageof avoiding the security problems, which typically arise when conductingbusiness over the Internet. However, in certain embodiments, a portionor all of the financial information may be transmitted over theInternet. Also, some or all of the financial information may betransmitted partially over an Internet communications path. In certainembodiments, some information is transmitted entirely or partially overthe Internet, but the information is either not financial information oris financial information that does not need to be maintained secretly.

End users 12 are clients, customers, prospective investors, or entitieswishing to place a trade. End users 12 may also seek to access or toinitiate a communication with a user interface, which may be used todeliver information via communications network 18. End users 12 mayreview data (such as performance characteristics) associated with aparticular commodity, stock, or market in order to take a position(execute a trade) in any given financial target. Alternatively, endusers 12 may represent any object that seeks to initiate a communicationon behalf of another entity or element, such as a program, a database,or any other component, device, element, or object capable of initiatinga voice or a data exchange within financial system 10. Note also that“data,” as used herein in this document, refers to any type of numeric,voice, or script data, or any other suitable information in anyappropriate format that may be communicated from one point to another.

End user 12 may participate in a trade, which represents the legalinstrument that may be used to bind end user 12 to a stipulatedagreement. A trade may take any resultant form such as a writtendocument, an e-mail, a facsimile message, a computer display, an entryin an account, or a verbal agreement between two parties. Such a tradeis flexible in its terms, representations, and stipulations. In general,any information or data that may be germane or of interest to a tradingparticipant or a hosting entity may be included in a trade, providedthat the included terms are mutually agreeable to the two (or more)parties bound by the trade.

A user interface, which is part of handheld device 11, is an elementthat facilitates trading on a selected financial market. A userinterface of handheld device 11 is operable to receive and to processrequests associated with transactions relating to a trade. A userinterface provides a portal for end users 12 to access other elements offinancial system 10. A user interface may be a computer for any person,business, or entity that seeks to manage or facilitate trading activity.Accordingly, a user interface may include any suitable hardware,software, devices, components, elements, or objects that may be utilizedor implemented to achieve such operations and functions in a financialenvironment. In one embodiment, the user interface is a mobile telephonethat includes a simple button that, when depressed, triggers the directconnect feature of the Push to Talk™ protocol. This enables end user 12to be directly connected to a tradedesk and/or a broker for the purposeof executing a selected financial transaction. The mobile telephone mayinclude two platforms: one for simple cellular communications and theother for direct connection.

Alternatively, the user interface of handheld device 11 may be replacedwith any other suitable object that facilitates communications betweenend user 12 and any other element within financial system 10, such as:an electronic notebook, a personal digital assistant (PDA), a tablet PC(inclusive of a wireless card), a walkie-talkie, or any other suitabledevice (wireless or otherwise), component, or element capable ofaccessing one or more elements within financial system 10. The end userinterface may also comprise any suitable interface for a human user,such as a display, a microphone, a keyboard, or any other appropriateterminal equipment according to particular configurations andarrangements. In addition, the end user interface may be a uniqueelement designed specifically for communications involving a trade. Suchan element may be fabricated or produced specifically for financialapplications involving end user 12 and the Push to Trade™ technology.

A user interface may be owned and operated by any suitable entity havingthe ability and/or authority to operate in the financial industry. Aconnection may be established between a user interface and any otherfinancial exchange (e.g. via financial service provider element 26),whereby information associated with the exchange is delivered to enduser 12 and may be reviewed before executing the transaction. Thus, auser interface may deliver real-time financial data to end user 12 inorder to provide pertinent financial information to be used to makedecisions as to whether to purchase or to sell a given asset. Thisfinancial information may be retrieved from financial market dataelement 30 or any other suitable element. Financial market data element30 may relay data (potentially inclusive of rich media content thatoffers enhanced audio and video streaming information such as pricinginformation, market lines, maturity data, financial graphs and charts,historical quotes, or moving averages, for example) to end users 12.Other pertinent financial data may also be readily delivered and basedon particular needs. In order to deliver information that is accurateand timely, financial market data element 30 may be coupled directly toa corresponding exchange communications link that carries such financialdata. Alternatively, financial market data element 30 may gather suchcritical information from any appropriate location (e.g. a news wire ora server operable to deliver real-time information to investors) suchthat the desired data is delivered to end user 12.

It is critical to note and to reiterate that the term “handheld device”as used herein in this document encompasses any suitable user interface,as well as any of the other objects previously identified, which canassist end user 12 in his financial/trading endeavors. Thus, the term“handheld device” is an all-inclusive term that should be construedbroadly to embrace all such tools and equipment that aid the end user inhis activities. Note that financial system 10 is replete with any suchalternatives. Such handheld devices may be manufactured by companiessuch as Dell, Nextel, Motorola, Nokia, RIM, etc. and include the Push toTrade™ feature as outlined herein.

Handheld units used at floor exchanges must be checked in and out bytraders as they enter or leave the trading floor. The usability of thehandheld is governed by limiting its physical position to within thepermitted location, i.e. the only way to prohibit trading fromprohibited locations, or by unauthorized persons, is to permit thehandheld to be used only within secure spaces within the exchangepremises. An alternative application of the architecture of the presentinvention can: 1) use the wireless technology to permit activation ofthe wireless device at permitted trading locations; 2) use secureidentification technology to confirm the identify of the user andprohibit use by unauthorized users; and 3) use electronic tradingtechnologies to facilitate effective use of the wireless unit to engagein market activity. The operation of financial system 10 solves theproblems that floor exchanges face with respect to controlling the useof their handheld units. This may be achieved while expanding thegeographic areas from which authorized financial market participants mayparticipate in exchange-based or over-the-counter trading of securities.Other applications may include the trading of derivatives, and otherforms of tradable financial instruments and financial or physicalassets, or any other securities, or commodities whose trading isregulated by government bodies, regulatory agencies, or simple industrygroups.

Counterparties may remain anonymous throughout the trading processpursuant to the rules of the marketplace and its credit requirements,while secure and efficient functioning of the marketplace is providedfor trading participants. Note that the provider of data (e.g. eSpeed,Inc.) and regulatory agencies (e.g. the Securities and ExchangeCommission (SEC)) can also benefit from auditing capabilities of thehandheld device. For example, keystroke recordation and the voice logcan be used to verify that end user “John James” logged into hishandheld device at 9:08 AM (EST), reviewed two news items, and thenproceeded to execute a verbal trade, which involved the sale of 10,000shares of Intel stock. A simple keystroke and voice logging componentmay be provided within handheld device 11 and/or financial serviceprovider element 26 to achieve this result.

Communications network 18 is a communicative platform operable toexchange data or information between end user 12 and a user interface.In a preferred embodiment, communications network 18 represents anynetwork that is operable to facilitate the Push to Talk™ protocol. Inother embodiments, communications network 18 represents an Internetarchitecture, which provides end user 12 with the ability toelectronically execute or initiate transactions associated with a trade.Alternatively, communications network 18 could be a plain old telephonesystem (POTS), which end user 12 could use to perform the sameoperations or functions. In other embodiments, communications network 18could be any packet data network (PDN) offering a communicationsinterface or exchange between any two nodes in financial system 10.Communications network 18 may alternatively be any local area network(LAN), metropolitan area network (MAN), wide area network (WAN),wireless local area network (WLAN), virtual private network (VPN),intranet, or any other appropriate architecture or system thatfacilitates communications in a network or telephonic environment.

Administrator module 22 is an element that cooperates with financialservice provider element 26 in order to ensure a fair and properexecution of transactions initiated by end user 12. Administrator module22 is an optional component of financial system 10. Administrator module22 may be used in certain embodiments to control any operation offinancial service provider element 26. For example, administrator module22 may be used to manually set trading parameters, to approve marginrequests, or to halt specific trading activities. In selected instances,administrator module 22 may call for additional margins throughout theday without waiting for a routine end-of-day settlement. In still otherscenarios, administrator module 22 may be used for more simplisticmonitoring functions or included within financial service providerelement 26, where appropriate.

FIG. 1B is a simplified block diagram of financial service providerelement 26, which may include a processor 42, a memory element 44, and aserver 50 in accordance with one example embodiment of the presentinvention. Financial service provider element 26 is operable to receiverequests from end user 12 and to process those requests such thatfinancial transactions involving a trade are executed. The resultanttrade that is generated may be suitably stored in memory element 44after being properly managed and secured by processor 42. Processor 42may also assist in processing any financial terms or conditionsrequested by end user 12. In cases where financial service providerelement 26 is unable to match the requested financial parameters ortendered trade terms provided by end user 12 with that which isavailable in the marketplace, financial service provider element 26 maycontact end user 12 and notify end user 12 of the circumstancessurrounding the inability to fulfill such a trade.

Processor 42 may comprise any suitable processor that executes a tradingsystem application or other computer instructions that facilitatetrading. Processor 42 may include an authentication module 48, whichoperates to verify the identity of end user 12. Authentication module 48may cooperate with or utilize any suitable application, information, ordata stored in a voice recognition module 49 in connection with offeringsuitable authentication procedures. In order to execute optimalauthentication procedures, processor 42 may access one or more end userprofiles 54 and server 50. Server 50 may operate to obtain or to receiveidentity information from voice recognition module 49 associated with agiven end user 12 who is seeking to execute a trade. Thus, financialservice provider element 26 may provide an identity verificationcomponent or feature for handheld device 11 via any number ofappropriate modules included within processor 42.

Processor 42 may be a CPU or a microprocessor and include any suitablenumber of processors working together. Processor 42 is generallyoperable to execute various algorithms, computations, or calculations todetermine current trade data. Processor 42 may determine such currenttrade data based on data received from memory element 44 and/orfinancial market data element 30. In addition, processor 42 may updatesuch current trade data based on new information being received fromfinancial market data element 30. In some embodiments, processor 42 mayupdate current trade data in real-time, substantially in real-time, orat preset intervals (such as every thirty-five seconds, for example).

Memory element 44 may comprise one or more memory devices thatfacilitate trading (or that store information relating thereto), such asone or more random access memories (RAMs), read-only memories (ROMs),dynamic random access memories (DRAMs), fast cycle RAMs (FCRAMs), staticRAM (SRAMs), field-programmable gate arrays (FPGAs), erasableprogrammable read-only memories (EPROMs), electrically erasableprogrammable read-only memories (EEPROMs), microcontrollers, ormicroprocessors. Memory element 44 is also generally operable to storedata that may be used by processor 42.

It should be noted that the internal structure of financial serviceprovider element 26 is malleable and can be readily changed, modified,rearranged, or reconfigured in order to achieve its intended operations.Additionally, the elements included within financial service providerelement 26 may interact in any suitable manner. As identified supra,software may reside in financial service provider element 26 and/or inhandheld device 11 in order to achieve the teachings of the Push ToTrade™ feature of the present invention. The software may be used tooffer items such as a keystroke and/or voice logging component thatrecords any suitable information associated with the trade or with anend user. It may also be used to offer the identity verificationcomponent that seeks to provide some sort of authorization for the enduser of handheld device 11 (e.g. using voice recognition and voicepattern, or using GPS, geo-fencing, and triangulation protocols) beforeallowing him to proceed with executing a trade. Both of these elements,as well as others outlined herein, may be provided within handhelddevice 11 and/or financial service provider element 26 to achieve theiroperations. However, due to their flexibility, these two elements mayalternatively be equipped with (or include) any suitable component,device, application specific integrated circuit (ASIC), hardware,software, processor, microprocessor, algorithm, ROM element, RAMelement, EPROM, EEPROM, FPGA, or any other suitable element or objectthat is operable to facilitate the operations thereof. Considerableflexibility is provided by the structure of financial service providerelement 26 in the context of financial system 10. Hence, themodifications or enhancements to achieve the operations of the presentinvention may be provided in one or both of handheld device 11 andfinancial service provider element 26. Note also that the illustratedcomponents of financial service provider element 26 may be deleted,substituted, replaced, combined, or modified in order to achieve theteachings of the present invention.

Memory element 44 of financial service provider element 26 may storeinformation (including voice or data logs (e.g. for direct messagingscenarios)) regarding the various types of trades that may be placed(and their respective outcomes) in financial system 10. Memory element44 may also store various financial instruments and a plurality ofend-user profiles 54. Memory element 44 may additionally storeinformation associated with a financial instrument number (FIN), adescription of the market(s) that are the subject of the particulartrade, a designated duration/expiry, and a commission (or fee)established for the particular trade. These fields (and others) may bedefined in numerous ways within the scope of the present invention. Forexample, the term ‘expiry’ may refer to a particular closing orsettlement time and/or date for the financial instrument to close, or itmay be based on the events themselves that may be completed at somearbitrary or specific date in the future (e.g. at the closing bell).

Additionally, each end-user profile 54 may include any relevantinformation associated with end user 12, his trading activity, or hisfinances. For example, items such as his account numbers, transactionalhistory, voice patterns, company information, balances, commissions,available funds, and potential debits/credits may be reflected in aprofile. End-user profiles 54 may be pin-accessed or voice activated byend user 12 (via handheld device 11) or accessed (at the direction ofhandheld device 11) solely by an entity or administrator authorized todo so.

Note that in cases where a device is misplaced, stolen, or lost, anadministrator could be contacted to address the situation. Theadministrator could respond by sending a “kill message” to the handhelddevice that effectively disables the device. The kill message may alsobe able to erase all information stored in the handheld device such thatstored information is protected.

Turning to FIG. 2, which illustrates one example embodiment, thecommunications network comprises a cellular network 52. Cellular network52 comprises a plurality of base stations 57, each of which has acorresponding coverage area 60. Base station technology is generallyknown and the base stations may be of any type found in a typicalcellular network. The base stations may have coverage areas thatoverlap. Further, the coverage areas may be sectorized ornon-sectorized. The network also includes handheld devices 11, whichfunction as the financial communication devices used by users to accessthe convenience financial system and to participate in the activitiesavailable on the convenience financial system. Users are connected tothe network of base stations via transmission and reception of radiosignals. The communications network also includes at least onevoice/data switch, which is preferably connected to the wireless portionof the network via a dedicated, secure landline. The communicationsnetwork also includes a financial service provider element 58, which islikewise connected to a voice/data switch 56 via a dedicated, securelandline. The voice/data switch may be connected to the wireless networkof base stations via a mobile switching center (MSC), for example andthe landline may be provided between the voice/data switch and the MSC.

Preferably, in the case of a cellular network for example, theconvenience financial system can be enabled through the use of a privatelabel carrier network. Each base station is programmed by the cellularcarrier to send and receive private secure voice and/or datatransmissions to and from mobile station handsets. The handsets arepreferably pre-programmed with both financial software and the carrier'sauthentication software. The base stations can communicate via PrivateT-1, T-3, or E-1 lines to a suitable switch. A provider generally leasesa private T-1, T-3, or E-1 line, which routes the calls back tofinancial servers controlled by the financial service provider.Encryption can be installed on the telephones if required by a financialregulation authority, such as a financial commission for example.

As shown in another example, which is illustrated in FIG. 3, handhelddevice 11 is in communication with a financial service provider element68 over a mobile carrier network 64. Within financial service providerelement 68 is a location verification module 69. The financial serviceprovider element 68 can include one or more connections to otherplatforms or servers, on which are resident various financial and otherapplications. As shown in FIG. 3, some example financial applicationsinclude financial exchange and real-time news 70. Each of theseapplications may be embodied in one or more modules, be included infinancial service element 68, or be provided by some other entity. Theseapplications may be included in financial market data element 30 orsimply provided as a link that may be used by end user 12. It should beunderstood that these applications are not exhaustive and that otherapplications may exist to provide an environment to the user that isassociated with any of the described or potential convenienceactivities.

Preferably, the convenience financial system includes a locationverification feature (e.g. provided in location verification module 69)which is operable to permit or to disable financial activities from aremote location depending upon whether or not the location meets one ormore criteria. Note that for the Nextel GPS feature to be accurate, itshould receive quality electromagnetic signals; otherwise, it may not beas precise as “indoor wireless solutions,” which can be indoor-specific.Indoor technologies generally use more specific measuring tools, whereasoutdoor technologies generally use base stations and satellite. Thecriterion may be, for example, whether the location is within apre-defined area in which financial activities are permitted by thesponsoring trading entity. As another example, the criterion may bewhether the location is in a no-trade zone, such as designated bathroomsand lobby areas. Such assignments of location are arbitrary and, thus,may be varied considerably. The location verification technology used inlocation verification module 69 may include, without limitation,“network-based” and/or “satellite-based” technology. Network-basedtechnology may include such technologies as multilateration,triangulation and geo-fencing, for example. Satellite-based technologiesmay include GPS technology, for example or other suitable protocols thatperform the functions outlined herein. Accordingly, locationverification module 69 may include any suitable element to facilitatethe operations thereof.

In operation, financial service provider element 68 may identify an endusers' location (e.g. via location verification module 69). Locationdata of the trader can be used in order to control trading activity.Certain zones may be designated for trading, whereas other zones may bestrictly off limits. For example, trading could be only executed on thetrading floor and in the cafeteria (of an associated building), butstrictly prohibited in the bathrooms and the lobby.

Note that other areas could certainly be designated for tradingpurposes. However, the configuration of such alternative locations issomewhat different as compared to secure trading within the confines ofa given authorized area. For example, if an end user, who is working inManhattan, N.Y., opts to leave the trading floor of the New York StockExchange and grab a coffee at a local coffee shop, he may be providedwith the opportunity to execute a trade once he arrives at the newlocation. Consider an example where the same end user is drinking hismorning coffee and monitoring commodity prices via his handheld device.At some point, a news story breaks that relates to a potential conflictin the Middle East. The trader immediately recognizes that gold pricesare most likely going to rise in the wake of such an announcement. Fromhis current location at the coffee shop, the end user may log into hishandheld device, be properly authenticated, and be permitted to executea trade involving gold. Thus, once the end user departed from hisoffice, he left a secure, managed, and protected network. The system atthe coffee shop is configured in a different manner. The handheld devicemay still access a given network via a suitable access point, but thetraffic may be routed in a different fashion. A secure protocol may beprovided to ensure that the information propagating from the handhelddevice is secure. User name and password entries that are input by theend user could also assist in protecting this traffic flow. Once,properly authorized, the information may propagate in a secure mode to areceiving network, where it can be relayed to financial service providerelement 68.

Hence, the present architecture may allow a party's identity andlocation to be confirmed (e.g. using GPS technology to provide locationdata) before allowing that person to execute a trade. A suitablelocation verification component may be provided in both financialservice provider element 68 and handheld device 11 to achieve suchoperations. If a question exists about whether or not to permit thetrader to execute the trade (particularly in cases where the end userhas roamed outside of the work area, which generally represents a moresecure environment), a simple phone call could be made to the trader toverify the proposed trading activity. The conversation could beconducted as follows:

-   -   Speaker 1: “May I speak with John James, this is Darrin Knight        from eSpeed, Inc.”    -   Speaker 2: “This is John.”    -   Speaker 1: “I see that you are at a coffee shop on 57th Street        and 9th Avenue. I also see that you are about to place a trade        for 8,000 shares of Cisco stock. Is all of that correct?”    -   Speaker 2: “Yes.”    -   Speaker 1: “Could you confirm your password for me?”    -   Speaker 2: “Hoosier.”    -   Speaker 1: “Correct. Sorry to trouble you, we just wanted to        verify this information for your own financial protection. On        behalf of eSpeed, Inc., have a wonderful day.”

In another example embodiment, as shown in FIG. 4, the communicationsnetwork comprises a private wireless network. The private wirelessnetwork may include any Push to Talk™ network technology to covermultiple trading areas 74 that are in a work environment or aresidential/home environment. In FIG. 4, various Push to Talk™ networks71 are illustrated. Networks 71 may be interconnected where appropriate.Also, a convenience financial system may comprise a combination ofnetworks as depicted in FIG. 4. For example, there is shown acombination of private wireless networks, a cellular network comprisinga multi-channel access unit or sectorized base station 72, and asatellite network comprising one or more satellites 46.

The private wireless network may be particularly well suited forfinancial trading needs of location and identity verification for endusers. Alternatively, trading areas enabled by networks 71 may include,for example, a coffee shop 78 and swimming pools, lakes or otherrecreational areas 79. Primary trading areas 74 may include residentialarea 70, offices and restaurants such as might be found proximate towork area 73, adjacent buildings 75, and remote buildings 47, whichcould reflect a branch office located on the other side of town. Theconfiguration of the overall convenience financial system depicted inFIG. 4 is malleable, as it is intended only as an example of the presentinvention.

Each of trading areas 74 is preferably connected via the MWAN/MAN backto central and redundant financial service provider elements (such asthose described above). For accessing the private wireless networks 71,the handheld devices are Push to Talk™-enabled PDAs or mini-laptops, anddo not have to be managed by a third-party partner. In one example, thePDAs are RIMM/Blackberry units capable of using the latest softwareversion (e.g. Version 4.0) to provide the Push to Trade™ feature for oneor more users.

FIG. 5 is a simplified block diagram of an operational example offinancial system 10. The convenience financial system, as shown in FIG.5, includes a plurality of handheld devices 53, 55, and 56. Thearchitecture also includes a voice/data switch 89 and a financialservice provider element 90; these devices may simply be combined whereappropriate. Voice/data switch 89 may also be included within orreplaced by voice recognition module 49. Handheld device 53 is locatedoutside a large work domain 88. Work domain 88 may reflect the casewhere several work domains have been linked together. Devices 55 and 56are both located inside work domain 88. However, only device 56 islocated within an approved trading area 87, which is established by thecoverage areas of a plurality of base stations 83. Such designations maybe used to readily enable financial activities via handheld device 56.In other embodiments, handheld devices 53 and 55 may be able to executetrades, but be provided with limited trading capabilities.

In operation of an example embodiment, a given end user can connect fromhis handheld device 11 to server 50 of financial service providerelement 26. Handheld device is capable of facilitating a Push to Talk™protocol, whereby handheld device 11 behaves like a walkie-talkie.Hence, handheld device 11 may include any suitable program orapplication that enables the Push to Trade™ feature. Note also that, asused herein in this document, the phrase Push to Talk™ includes anyprotocol that allows for a direct connection feature for an end user. Itis the earnest intention of Applicant to include all such protocols(e.g. Instant Talk, Fastchat, etc.) within the broad rubric of “Push toTalk™.”

The Push to Talk™ protocol allows a given handheld device 11 toinstantly connect to any number of other devices, such as any othertelephone (mobile or landline-based), personal computer, laptop, etc.The connection for the end user does not have to be spawned by anyconventional dialing or by triggering some form of automatic dialing. Asimple button can be depressed to provide the requisite connection. Inthe context of timing, Nextel (who developed the original Push to Talk™technology) suggests that their Push to Talk™ protocol should connectwithin 2 seconds.

The Push to Trade™ protocol allows users to use the walkie-talkieparadigm over an IP or a cellular network, which diminishes the boundarylimitations of a conventional two-way radio. The Push to Talk™ serviceis based on a disruptive technology. Latency is an issue during atraditional telephone conversation because only one person can talk at atime. One appeal of the Push to Talk™ platform, as compared to executinga traditional telephone call, is being able to talk to an individual orto a group of individuals instantly, without waiting for someone toanswer. Another benefit of the Push to Talk™ feature is a shorter thannormal phone call, which cuts down on dialing costs for correspondingend users. Push to Talk™ technology is compatible with virtually anynetwork communications; for example, the Push to Talk™ protocol mayreadily be used in conjunction with cellular telephone networks,including GSM and CDMA. The network equipment used for the Push toTrade™ feature is currently being offered by companies such as Ericsson,Nextel, Sprint, Verizon, and Motorola.

Because Push to Talk™ effectively turns handheld device 11 into awalkie-talkie, it not only successfully enables end users to send voicemessages, it also enables immediate data texts (commonly referred to as“direct messaging”). Push to Talk™ messaging represents a significantimprovement over short messaging systems in bypassing the slow andclumsy process of entering text via a phone keypad. This makes textmessaging quicker and more effective.

Once the end user initiates the call, financial service provider element90 is instantly connected to the end user (via voice/data switch 89).Voice/data switch 89 may verify any given end user before proceedingwith a requested trade. In this example embodiment, financial serviceprovider element 90 represents one or more electronic tradedesks thatare dedicated to this Push to Trade™ feature for their clients. Thus,all Push to Trade™ requests may be received at this location. In otherembodiments, any suitable entity, broker, standard trading desk, orelectronic device may receive such Push to Trade™ communications.Dedicated tradedesks could include multiple phone arrangements or beprovided as a computer-aided dispatch center where incoming tradingrequests are effectively routed to their proper destination. Inaddition, end user 12 may query the tradedesk for a tradedeskconfirmation number to ensure that he is interfacing with the properentity. In a reciprocal fashion, the tradedesk may query end user 12 fora tradedesk confirmation number as part of his authentication process.

Once the connection has been established, financial service providerelement 90 may then simply conduct the trade as prescribed by the enduser in real-time. The end user is provided with the benefit of livepricing for any commodity of interest. For example, upon connection theend user may be presented with the financial or market environment inwhich he seeks to participate. The tradedesk representative or device(included within financial service provider element 90) can query theend user to execute an electronic or a broker-assisted trade. Inaddition, the financial environment may be presented in various stages.For instance, in a first stage, the financial environment may comprise afinancial summary of all markets where the user is presented withcertain financial options including, for example, specific marketsummaries, specific prices for selected assets (e.g. commodities,stocks, bonds, etc.), current positions, buying power, etc. In asubsequent stage, the user may be presented with optional instances ofthe type of activity selected from the market platform.

From this platform, the end user can select an activity, such as aparticular type of trade. Thus, the user is presented with one or moreoptions related to the selected activity. For instance, at this point,the user might place a buy or a sell order on a financial exchange. Thesoftware, resident on handheld device 11, accepts the option input bythe user and transmits the input data to financial service providerelement 90. Subsequently, financial service provider element 90 acts onthe input data. The Push to Trade™ technology readily accommodates avoice log of the transaction for audit or confirmation purposes. Hence,a digital voice storage may be provided within financial serviceprovider element 90, whereby the transaction (e.g. inclusive of bid andask prices) is recorded. In addition, the automatic voice log can thenrelay this information back to the end user: for example, via his e-mailor via a conventional postal mail service. This could occur as a matterof course such that the end user is routinely provided with a suitableconfirmation receipt for all of his trading activity. Such logs providea viable confirmation process where disputes concerning misplaced tradesarise.

Actions at this point may include, without limitation, determining anoutcome and/or amount for the trade, accessing another server and/orsoftware application, retrieving additional information, preparing asuitable response to the user, etc. The action of determining an outcomeand/or amount might take place, for example, if the user is using thedevice to place trades in conjunction with his account and a givenexchange. Hence, this could include a formal tallying of the executedtrade, inclusive of the charged commission, the amount debited from theaccount to cover the trade, etc. The action of accessing another serverand/or software application might occur, for example, in the event theuser is engaging in a services activity such as accessing news services.The action of retrieving information might occur when the financialsoftware (resident in financial service provider element 90) is promptedto access another server for the purpose of retrieving a certain type ofinformation requested by the user. Financial service provider element 90can then prepare a response to the user's input data. Once this activityhas concluded, the user can acknowledge the response and then log outand terminate his session.

In another embodiment, when the user connects his handheld device to thefinancial server (e.g. server 50 of financial service provider element90), the financial server draws the network identifying information andcommunicates that information to a financial service provider. Thesoftware resident on the handheld device may incorporate functionalitythat will, upon login or access by the user, determine the user'slocation (based at least in part on the identifying information) andsend a message to the financial service provider.

In connection with any of the location determination methods, thefinancial system may periodically update the location determinationinformation. This may be done, for example, during a financial session,at pre-defined time intervals to ensure that movement of the handhelddevice to an unauthorized area is detected during play, and not justupon login or initial access. Thus, depending on the locationdetermination technology being used, the decision whether to permit,restrict, or prohibit a financial activity may be made at the handhelddevice, at the financial service provider element, or at any of thecomponents of the network being used to transmit information between thehandheld device and the financial service provider element (such as at abase station, for example).

An aspect of the private wireless network related to preventing orrestricting financial activity in unauthorized areas is the placement ofsensors, such as Radio Frequency Identification (RFID) sensors on thehandheld devices. The sensors may trigger alarms if users attempt to usethe devices outside the approved financial areas. Further, the devicesmay be “tethered” to immovable objects in other embodiments (e.g. aboat, a car dashboard, anywhere in an airplane, etc.). Users mightsimply log in to such devices using their ID and password.

In connection with FIG. 6, an example embodiment of a method accordingto the present invention can be described as follows. As discussed,software on a handheld device is operable to receive input data fortrading activities. The input data may originate at associated financialsoftware resident on a financial service provider element, or it may beinput by the user of the handheld device. The software on the handhelddevice may be operable to present graphical representations of any ofthe other applications described herein.

In the example method shown in FIG. 6, in a first step 600, the handhelddevice is activated. This may take place as a function of turning on aphone, PDA, a laptop, a table PC, or other communication device asdescribed elsewhere herein. In other arrangements, the handheld deviceis already ON and active; initiation of a call is simply a matter ofdepressing a button or key provided on the handheld device. In stillother embodiments, voice activation may be used. Part of the activationmay include logging in via a device prompt. This may be considered as afirst level of authentication of an end user of the handheld device. ForPush to Trade™ scenarios, this step may be skipped entirely. In step602, voice recognition is used to confirm the identity of the individualusing the handheld device. Such an operation could implicate voicerecognition module 49. A location verification operation may also beexecuted at this step or at a later time, where appropriate.

A second level of authentication could also be used. The second level ofuser authentication comprises authentication of the handheld deviceitself. This may occur, for example, by authentication of a device by amobile carrier. A third level of user identification may comprisebiometrics. The term “biometrics” as used herein in this documentincludes, but is not limited to, fingerprint identification, photoidentification, retina scanning, voice print matching and voicerecognition protocols. Thus, as can be readily appreciated,authorization of a given end user may be achieved via any suitableelement (e.g. a phone ID, a system ID, an application ID, a tradedeskverification mechanism, a user ID, a picture ID, a biometric parameter,etc.) and be accorded various levels of security.

In a next step 604, the user is presented with the financial or marketenvironment and a tradedesk gateway. The tradedesk gateway can query theend user to execute an electronic or a broker-assisted trade. Inaddition, the financial environment may be presented in various stages.For instance, in a first stage, the financial environment may comprise afinancial summary of all markets where the user is presented withcertain financial options including, for example, specific marketsummaries, specific prices for selected assets (e.g. commodities,stocks, bonds, etc.), current positions, buying power, etc. In asubsequent stage, the user may be presented with optional instances ofthe type of activity selected from the market platform.

In a next step 606, the user selects an activity, such as a particulartype of trade. In step 608, the user is presented with one or moreoptions related to the selected activity. In step 610, the user selectsan option. For instance, at this point, the user might place a buy or asell order on a financial exchange. In step 612, the Push to Trade™software resident on the handheld device accepts the option input by theuser and transmits the input data to financial service provider element26, which creates an appropriate log for all such communications. Hence,a data (or text) or voice log is created and maintained for thisactivity. In step 614, the financial service provider element 26 acts onthe input data.

Actions at this point may include, without limitation, determining anoutcome and/or amount, accessing another server and/or softwareapplication, retrieving information, preparing a response to the user,etc. The action of determining an outcome and/or amount might takeplace, for example, if the user is using the device to place trades inconnection, with a selected exchange. The action of accessing anotherserver and/or software application might occur, for example, in theevent the user is engaging in a services activity such as accessing newsservices. The action of retrieving information might occur when thefinancial software (resident in financial service provider element 26)is prompted to access another server for the purpose of retrieving acertain type of information requested by the user. Financial serviceprovider element 26 can then prepare a response to the user's input datain step 616. In step 618, the user acknowledges the response and in step620, the user can log out and terminate his session.

Preferably, data is transmitted back and forth during the conveniencefinancial activities between end user 12 and financial service providerelement 26 controlled by the financial service provider. An example ofthe path of communication is shown in FIG. 7. Financial data, such as atrade placed by the user, is transmitted from handheld device 701 (e.g.a PDA, a laptop, etc.) to a base station 702 (or a transmitter in thecase of a private wireless network such as a WiFi or WiMax network).Base station 702 can route the data through data network 703 to a hub ora gateway 704, which in turn routes the data to a financial serviceprovider element 705. Preferably, the communication from handheld device701 to the data network 703 comprises wireless communication. This maybe any type of known wireless communication or any type of wirelesscommunication available in the future. Examples of acceptable wirelesscommunication protocols include CDMA, GSM, and GPRS.

Preferably, the communication from the data network 703 to the gateway704 and to the financial service provider element 705 are conducted oversecure landlines. FIG. 7 is an example communication network only andthe present invention should be understood to cover other networks inwhich data may be transmitted from handheld device 701 to financialservice provider element 705. Preferably, data in response to data beingtransmitted from handheld device 701 to financial service providerelement 705 is transmitted back to handheld device 701 along a pathessentially opposite to the path of the first transmission.

As identified previously, a unique aspect of the present inventionincludes establishing an electronic record of the financial transactionsundertaken by a user. Preferably, this is accomplished by utilization ofa keystroke log, which is an electronic record of all keystrokes made bythe end user. Utilization of a keystroke log in this context also allowsa financial control board or other regulatory authority, access to theelectronic record in a direct manner in order to conduct periodicindependent monitoring of the financial activities conducted over thesystem.

In another embodiment of the invention, as shown in FIG. 8, a ship-basedconvenient trading system is provided. The system preferably comprisespassenger vessel 802, such as a yacht for example. The system includesone or more handheld devices 806 connected to a communication network.The network shown in FIG. 8 comprises a mobile network with basestations 808 connected via a LAN to a base station controller (BSC) 810.BSC 810 is connected via a T-1 or an E-1 interface to a first Very SmallAperture Terminal (VSAT) modem 812, which is in communication with afirst satellite 814. First satellite 814 is operable to transmit andreceive signals from a second satellite 814, which is in communicationwith second VSAT modem 812. Second VSAT modem 812 is in communicationwith a financial service location 816 that includes multiple financialservice provider elements 818. Financial service provider elements 818are coupled to a main database 820. Again, the network configurationdepicted in FIG. 8 is for example purposes only, and otherconfigurations are within the scope of the present invention. Anon-board back office 822 is preferably provided. The office may includeany type of handheld device. In this example, a simple PC is docked onthe boat. Note that such PCs are within the broad scope of the term“handheld device.” Data is communicated by the on-board VSAT modem andtransmitter to the first satellite for relay to the second (preferablyland-based) VSAT receiver and modem. The data is then communicated to aserver and/or centralized database via a mobile station controller (notshown). A similar scenario could involve such trading being executed onan airplane. Such an arrangement is clearly within the broad scope ofthe present invention.

In another example embodiment, the trading system may be used to enablefinancial activities involving multiple wireless users who interact withone another. For instance, the system may enable a trade in which afirst user and a second user are conducting financial activity on thesame transaction in which trades selected by the first user are executedby the second user. Preferably, the financial environment presented onthe handheld devices of both the first and second users will indicatethe existence and activity of the other respective user. In this sense,a broker can be used to proxy the request of the end user.

As described above, the elements and operations listed in FIGS. 1Athrough 8 may be achieved with use of financial system 10 in any numberof contexts and applications. Accordingly, communications capabilities,data processing features and elements, suitable infrastructure, adequatepersonnel and management, and any other appropriate software, hardware,or data storage objects may be included within financial system 10 toeffectuate the tasks and operations of the elements and activitiesassociated with trading. Accordingly, FIG. 1A provides only one exampleof a suitable processing and communications platform from which end user12 may execute trading.

Although the present invention has been described in detail withreference to particular embodiments in FIGS. 1A-8, it should beunderstood that various other changes, substitutions, and alterationsmay be made hereto without departing from the sphere and scope of thepresent invention. For example, although the preceding FIGURES havereferenced a number of asset structures that serve as a basis fortrading, any suitable financial instruments, debts, securities, stocks,or commodities may be readily substituted for such assets and,similarly, benefit from the teachings of the present invention.

It is also important to note that the teachings of the present inventionmay be readily imparted to an end user (or a group of end users) suchthat the end user may sign up for (or enlist or enroll in) a chargingplan that includes the operations and functions described herein. Thus,an end user could be enrolled in a charging plan that utilizeslocation-based verification methods in order to achieve appropriatetrading authorization in a network environment. A corresponding bill maysubsequently be generated that reflects such an arrangement. Such anarrangement may be reflected by a simple customer arrangement between afinancial provider and a client. In a similar fashion, an end user couldbe enrolled in a financial policy plan, whereby similar subscribingoccurs and billing ensues. The present invention is replete with suchfinancial arrangements and readily encompasses all such possibilities.

Numerous other changes, substitutions, variations, alterations, andmodifications may be ascertained to one skilled in the art and it isintended that the present invention encompass all such changes,substitutions, variations, alterations, and modifications as fallingwithin the spirit and scope of the appended claims. In order to assistthe United States Patent and Trademark Office (USPTO) and additionallyany readers of any patent issued on this application in interpreting theclaims appended hereto, Applicant wishes to note that the Applicant: (a)does not intend any of the appended claims to invoke paragraph six (6)of 35 U.S.C. section 112 as it exists on the date of filing hereofunless the words “means for” or “step for” are specifically used in theparticular claims; and (b) does not intend by any statement in thespecification to limit his invention in any way that is not otherwisereflected in the appended claims.

1-58. (canceled)
 59. A method comprising: communicating, by at least oneprocessor, information on an item to a device via a network; detecting,by the at least one processor, a selection of a button on the device; inresponse to detecting the selection of the button on the device,establishing, by the at least one processor, a connection between thedevice and another electronic device; determining, by the at least oneprocessor, whether a location of the device is within an area approvedfor submitting one or more bids and/or offers for an item using at leastone of geo-fencing, global positioning satellite technology,triangulation, a geographic map, and a sensor positioned on the device;based at least in part on determining that the location of the device iswithin an approved area, enabling, by the at least one processor, thedevice to submit voice data indicative of one or more bids and/or offersfor the item based at least partially on a walkie-talkie protocol; andtransmitting, by the at least one processor, a first portion offinancial data over a private network and a second portion of thefinancial data over the Internet.
 60. The method of claim 59, furthercomprising: authenticating, by the at least one processor, a submittedbid and/or offer using voice patterns or voice recognition.
 61. Themethod of claim 59, further comprising storing a user profile comprisingat least one of: account information, a voice pattern, an assetposition, and identification information.
 62. The method of claim 59,further comprising authenticating, by the at least one processor, usingat least one of a group of elements, the group including: a) a telephoneID; b) a system ID; c) an application ID; d) a user ID; e) a picture ID;and f) biometrics.
 63. The method of claim 59, further comprising:receiving, by the at least one processor, from the device, informationrelated to a location of the device; and determining, by the at leastone processor, whether the location of the device is within an approvedarea or within an unapproved area based at least in part on theinformation received from the device.
 64. The method of claim 59,further comprising recording, by the at least one processor, keystrokesentered at the device.
 65. The method of claim 59, wherein the device isa selected one of a personal data assistant, a laptop, a mobile station,a personal computer (PC), and a table PC.
 66. The method of claim 59,wherein the sensor is operable to detect movement of the device to aposition external to an approved area.
 67. The method of claim 66,wherein the sensor is a radio frequency identification sensor.
 68. Themethod of claim 59, wherein the item comprises at least one of afinancial instrument, a financial asset, and a physical asset.
 69. Anapparatus comprising: a network interface; at least one processor to:communicate information on an item to a device via a network using thenetwork interface; detect a selection of a button on the device; inresponse to detecting the selection of the button on the device,establish a connection with another electronic device; determine whethera location of the device is within an area approved for submitting oneor more bids and/or offers for an item using at least one ofgeo-fencing, global positioning satellite technology, triangulation, ageographic map, and a sensor positioned on the device; and based atleast in part on determining that the location of the device is withinan approved area, enable the other device to submit voice dataindicative of one or more bids and/or offers for the item based at leastpartially on a walkie-talkie protocol; and transmit a first portion offinancial data over a private network and a second portion of thefinancial data over the Internet.
 70. The apparatus of claim 69, whereinthe at least one processor is further configured to authenticate usingvoice recognition or voice patterns before enabling the device to submitbids and/or offers on the item.
 71. The apparatus of claim 69, whereinthe at least one processor is further configured to store a user profilecomprising at least one of: account information, a voice pattern, anasset position, and identification information.
 72. The apparatus ofclaim 69, wherein before accepting one or more bids or offers for anitem, the at least one processor is further configured to authenticateusing at least one of a group of elements, the group including: a) atelephone ID; b) a system ID; c) an application ID; d) a user ID; e) apicture ID; and f) biometrics.
 73. The apparatus of claim 69, whereinthe at least one processor is further configured to: receive, from thedevice, information related to a location of the device; and determinewhether the location of the device is within an approved area or withinan unapproved area based at least in part on the information receivedfrom the device.
 74. The apparatus of claim 69, wherein the device is aselected one of a personal data assistant, a laptop, a mobile station, apersonal computer (PC), and a table PC.
 75. The apparatus of claim 69,wherein the sensor is operable to detect movement of the device to aposition external to an approved area.
 76. The apparatus of claim 75,wherein the sensor is a radio frequency identification sensor.
 77. Theapparatus of claim 69, wherein the item comprises at least one of afinancial instrument, a financial asset, and a physical asset.
 78. Theapparatus of claim 69, wherein the at least one processor is furtherconfigured to record keystrokes entered at the device.